Assistance Claiming Your Employee Retention Credit
Due to the influx of fraudulent Employee Retention Credit claims, the IRS has temporarily paused the application approval process. Unfortunately, this prevents eligible businesses from receiving the money rightfully owed.
Fairway Funding is working in partnership with a firm of accredited and reputable tax attorneys and CPAs, helping qualified businesses claim these tax credits.
What Is the ERC?
The Employee Retention Credit (ERC) – sometimes called the Employee Retention Tax Credit or ERTC – is a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic.
ERC Qualification
Generally, businesses and tax-exempt organizations that qualify are those that:
· Were shut down by a government order due to the COVID-19 pandemic during 2020 or the first three calendar quarters of 2021, or
· Experienced the required decline in gross receipts during the eligibility periods during 2020 or the first three calendar quarters of 2021, or
· Qualified as a recovery startup business for the third or fourth quarters of 2021
Additionally, your business must employee at least four 1099 contract workers.
Who Is Not Eligible for the Employee Retention Credit?
· Individual taxpayers who are not business owners
· Employees
· Retirees
· Self-employed individuals who do not have employees
· Household employers
· Employers that didn't pay wages to employees during the qualifying time periods
· Government agencies
How Can I Claim My Employee Retention Credit?
How Can I Claim My Employee Retention Credit?
The IRS offers eligible businesses up to $5,000 per quarter per employee for 2020 and $7,000 for 2021. Therefore, the halted approval process is potentially blocking you from receiving over $25,000 per full-time employee, which your business could utilize now.
Did you know the average ERC for US small businesses is more than $100,000?
If your business qualifies, our firm of tax attorneys and CPAs will underwrite and pay out your credits through a hedge fund, invoicing the IRS once the halt is lifted.